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The Financial Services Authority (OJK) launched on Tuesday a road map for the development of Islamic finance in Indonesia for the 2017-2019 period, aiming to create sustainable Islamic financial services that can compete with conventional services in Indonesia.

The road map is expected to address various challenges related to the sharia financial industry, such as small market share, limited variation of products and lack of literacy on sharia finance products, said OJK Board of Commissioners chairman Muliaman D Hadad.

“We also hope that the road map can solve the shortage in human resources, optimize coordination with stakeholders and harmonize financial services policies,” Muliaman said in Jakarta.

"In the period between 2017 and 2019, the three established road maps will be used to synchronize the development of the Islamic financial industry to the master plan of the Indonesian financial services," Muliaman said.

He also emphasized the importance of making the sharia financial industry inclusive and able to meet the needs of small and medium-scale to large-scale financing.

Currently, the market share of Islamic finance covers only about 5 percent of the country’s total financial services. (dis/bbn)